Brian Koppy: Great question, Jailendra, I appreciate it. Clearly, we liked the trajectory the non-Florida markets are going, nice improvement year-over-year from 2022 to 2023, which, as you know, it all fits in with our scale and density strategy that we’ve had in those markets. And as you added more centers, you’re going to get that that leverage. And, I would say, as we would expect those markets will continue to improve as we add more members to those existing centers, since we’re not really going to be adding additional medical centers in those existing markets that new membership all funnels into the current medical centers we have there. So, we would expect them to continue on that trajectory into 2024 and beyond. And, I think, what’s proven out is the markets we’ve selected are really strong markets for growth opportunities, and the assets that we built, there are really good assets that have good growth potential.
Jailendra Singh: Great. Thanks a lot.
Operator: Your next question is from the line of Andrew Mok with UBS. Your line is open.
Andrew Mok: Hi, good evening. Question for Brian, just wanted to follow-up on the 2023 guidance, your EBITDA guidance is flat to up $10 million for 2023. But, I think, you called out $70 million or so of SG&A cost reductions. So I’m also getting $70 million better, can you help us understand what the offsets are in the 2023 guide to hold EBITDA relatively flat? Thanks.
Brian Koppy: Yeah. I think, there’s a number of inputs and takes in there. On the SG&A side, it’s important to know, the way I look at it is really more from the higher level, which is SG&A as a percentage of revenue, which is going to significantly improve from 2022 to 2023. As you can imagine, we built a significant number of medical centers in 2022. And they were €“ we’re not all at the beginning in January, in fact, most are in the back half and even in the third quarter. So we’ve stacked them up, and now you have the annualization effect of those costs for those centers. So that will, while we’ve made great progress in reducing our cost basis around the expenses that we have. We have just the annualization effect of that that ramp that we did in 2022 that now is coming into 2023.
So that really offsets a lot of those savings. So the nice part about it is, we are seeing significant SG&A as a percentage of revenue improvements. So we are getting that leverage, as we optimized our workforce and our staffing levels across the organization. So that’s from the SG&A side. And then, I think, you kind of take a look at some of the other initiatives that we have in the underwriting margin side. Marlow talked about, not only have we executed a number of, call it, payor and payor action items. We still believe we have more to go. And we’ll talk about those as we go through the year to generate additional improvements.
Andrew Mok: Got it. Can you provide the de novo loss number that you’re expecting for 2023?
Brian Koppy: Yeah, it’s roughly, I think we have $45 million or so for 2023 versus $79 million in 2022.
Andrew Mok: Got it. Okay. And as we assess the forward guide, I think it would be helpful to hear one last time maybe the post-mortem on what exactly went wrong in 2022 with respect to the lower revenue yield on your members and what changes you made in operation to give you confidence in projecting this forward? Thanks.
